The Real Estate Institute of Australia (REIA) President, Mr Hayden Groves said the latest REIA report shows Australian housing prices have doubled over the past two decades while rentals have recorded half that growth.
Mr Groves said “Real Estate Market Facts: 20 years“ found the weighted average median house price for the eight capital cities increased 103.8% to $1,011,208 from 2002 to 2022.
“The real median house price increased in all capital cities with increases ranging from 75.4% in Perth to a staggering 269.1% in Hobart.
“Over the past 10 years, the weighted average median house price for the eight capital cities grew by 56.1%. The highest increase was in Sydney (91.7%) and the lowest increase was 33.6% for Adelaide. Both Perth and Darwin had decreases over the past decade, down 10.2% and 18.1% respectively.”
According to Mr Groves, the weighted average median price for other dwellings for the eight capital cities has grown by 51% over the past 20 years.
“Over the past 10 years the weighted average median other dwelling price for the eight capital cities grew by 19.6%.
“Over the decade, the median price for other dwellings increased in Hobart (59.2%), Sydney (34.4%), Melbourne (18.9%), Canberra (14.6%) and Adelaide (12.8%), remained stable in Brisbane and decreased in Perth and Darwin (-3%).”
Mr Groves said that over the past 20 years the weighted average median rent for three-bedroom houses in the eight capital cities increased 41.4% to $506 per week. The median rent for three-bedroom houses increased in all capital cities over the 20 years ranging from 30.6% in Melbourne to 84% in Hobart.
“Since 2002, the weighted average median rent for two-bedroom other dwellings grew by 39.3% to $474 a week. The median rent increased in all capital cities over the ranging from 26.1% in Sydney to 90.9% in Hobart.”
